Kinly and Haven Life, a customer-focused life insurance agency backed and entirely owned by Massachusetts Mutual Life Insurance Company (MassMutual), have announced a new partnership to make term life insurance more accessible to African Americans. Haven Term and Haven Simple term life insurance policies will be offered on the Kinly mobile app for Kinly members because of this partnership.
Kinly is a digital bank created with black Americans in mind, who have historically been underserved and underbanked by traditional financial institutions. According to a study commissioned by Haven Life, while black Americans are more likely than white Americans to have life insurance, they are significantly underinsured. The study discovered that white people had a median of $150,000 in life insurance coverage compared to just $50,000 for black people.
From our very first day, Haven Life's core mission was to make life insurance more accessible and affordable for everyone. We recognize that systemic barriers still exist for Black Americans when it comes to equitable access to financial planning, banking and insurance products. Seward further added, Our partnership with Kinly is central to our founding mission, and we remain committed to doing everything we can to break down access barriers."
Wade Seward, Head of Distribution Strategy at Haven Life.
Kinly members can apply for Haven Term and Haven Simple through an online application and, if granted, receive coverage immediately. Haven Term provides coverage of up to $3 million for terms of 5, 15, 20, 25, and 30 years. Haven Simple provides coverage up to $500,000 for 5, 10, or 15 years. Both policies have extremely low rates. For example, a 35-year-old woman in good health could qualify for Haven Term coverage with a 20-year term of $500,000 for only $17.50 per month.
Helping Black Americans build generational wealth and financially protect their families was one of our driving principles when launching Kinly, We're excited to be partnering with Haven Life as ensuring access to quality, affordable life insurance is a key part of building such wealth."
Donald Hawkins, Founder and CEO.